Can gold go higher? Trading the metals rally

Gold's strong run this year may still have legs, some "Fast Money" traders contended Friday.

The price of gold futures has climbed more than 18 percent this year. Stock carnage early on contributed to buying, but the metal's price has held higher even as markets stabilized.

While the metal may hit a short-term "peak," both gold and silver are worth owning for the long run, contended trader Brian Kelly. He noted that the carrying cost, or charge for storing the commodity, poses less of a challenge amid low global interest rates.

Gold should have an easier time rising if the U.S. dollar remains "stuck" near current levels, added trader Tim Seymour.

But trader Guy Adami said the metal's rally, combined with a more than 2 percent fall in Newmont Mining shares Friday, could point to some sluggishness for gold.